Posted on
June 02, 2013 10:27:24 PM [ BusinessWorld Online ]
VISTA LAND
& Lifescapes, Inc. may further increase its capital expenditure (capex) for
this year as it eyes more residential and mall projects.
Senator Manuel B. Villar, Jr., founder of the
listed property developer, said spending might be hiked to P20 billion.
Last year,
Vista Land’s capex amounted to some P15 billion.
“[The] capex
is P18.5 billion but we are prepared to spend more. We might spend P20
billion,” Mr. Villar said on the sidelines of the topping-off ceremony of Wil
Tower Mall over the weekend.
Wil Tower
Mall, a 3,000-square-meter, 42-storey mixed-use condominium development, is a
Vista Land venture with actor Willy Revillame. The project, with 90% of units
already sold, will open in 2015.
Mr. Villar
said the capex increase comes as the company aims to launch 16 projects this
year.
“We will open
12 new [Camella Homes] projects in the next two to three months,” he shared.
The new
locations include Cotabato, Aklan, Roxas City and Sta. Maria in Bulacan. These
add to the more than 60 Camella Homes projects nationwide.
Vista Land
will also open four new malls this year, on top of its four existing ones, Mr.
Villar said.
They will be
built in Parañaque City, Antipolo City, Sta. Rosa in Laguna, and San Fernando
in Pampanga.
“I think the
market is very strong and the [real estate] industry is stronger than last
year,” Mr. Villar said.
Under its
long-term plan, Vista Land plans to build 50 malls in the next five to six
years, he cited.
Vista Land’s
net income rose by 29% to P1.34 billion in the first quarter from P1.04 billion
in the same period last year. It was buoyed as revenues went up by 21% to P4.86
billion from P4.02 billion.
Shares of
Vista Land added 16 centavos or 2.50% to close at P6.55 apiece on Friday. -- C.
H. C. Venzon
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